One Communications 2018 Financial Results

March 25, 2019 | 0 Comments

In a filing with the Bermuda Stock Exchange [BSX], One Communications Ltd. announced their Financial Results for the year ended December 31, 2018.

The full filing stated:

Overview of the year ended December 31, 2018:

  • Net income for the year of $15.1 million [2017: $15.0 million];
  • Shareholders’ equity of $150.2 million as at December 31, 2018 [2017: $136.4 million];
  • Significant $28.3 million capital investment during the year [2017: $30.6 million];
  • $14.9 million cash at December 31, 2018 [2017: $16.9 million].
  • Declared and paid $1.7 million in dividends for the period ending December 31, 2018 [2017: $nil]

Bermuda

Management and the Board of Directors have spent the past year working hard on delivering our FibreWire internet and transformative FibreWire TV products, which have already and will continue to improve customer satisfaction. We continue to realize synergies from the consolidation of prior acquisitions, with an improvement in margin over prior year reflected in current year results.

On the wireless side, our high speed 4G LTE network covers over 99% of the country. We have been able to maintain network integrity and performance even as data usage continues to dramatically increase.

We have now launched our single bill initiative, providing customers the optional convenience of receiving a single bill for all of their services. We have also implemented a new scheduling system for home service calls that will improve customer experience and drive added efficiency.

Cayman

With respect to the Company’s operations in the Cayman Islands, we continue to benefit from growth in the national economy. To further leverage our investments, we continue to expand our fibre footprint on the island, offering customers advanced internet, IPTV, and corporate data products. In 2018, our incremental investment of $6 million in the fibre network increased homes passed from 60% to 67% during the year, and the operating results demonstrated corresponding growth in both subscribers and revenue.

Summary of One’s results for the year ended December 31, 2018

Financial highlights

One recorded net income for the year of $15.1 million [2017: $15.0 million]. Earnings per share for continuing operations for the year ending December 31, 2018 was $0.36 per share [2017: $0.36].

One’s total assets increased during the year to $205.6 million [2017: $198.3 million].

Consolidated revenue for the period is $128.9 million [2017: $127.0], which consists of $105.4 million [2017: $105.7 million] in Bermuda revenues and $28.4 million [2017: $26.1 million] in Cayman revenues. Total operating expenses were $112.4 million [$111.3 million].

Comprehensive income attributable to equity holders of the Company for the period was $15.2 million [2017: $14.5 million].

Borrowing

On May 22, 2017 the Company amended and restated the Long-Term Debt agreement to increase the facility to $37.5 million and increased the limit of its overdraft from $5 million to $10 million. This facility is scheduled to mature on May 22, 2022. The Company has paid $3.75 million in principal repayments in the current financial year. The Company had no overdraft at December 31, 2018 and had $14.9 million in cash at the end of the period.

Shareholders’ Equity

Shareholders’ equity increased to $150.2 million [2017: $136.4 million]. During the year the Company repurchased 712,599 shares [2017: 446,652] under the approved share buyback program at an average price of $2.99 per share.

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